Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Spillovers in a “post-pandemic, low-for-long” world

Joint BIS, BoE, ECB and IMF Conference

Monday, 26 and Tuesday, 27 April 2021
Video conference (by invitation only)

In recent decades, cross-country economic and financial interdependencies have become more and more complex. At the same time, the decline in global interest rates, which began before the global financial crisis, has deepened. In this environment, policy mixes featuring unconventional monetary policy, foreign exchange interventions, macroprudential measures and capital flow management have increasingly been adopted to better cope with the spillovers of a highly interconnected global economy. An additional layer of complexity has been introduced by the coronavirus (COVID-19) pandemic and its consequences for the global economy, public finances, monetary policy and financial fragilities. This conference aims to close gaps in our understanding of the international transmission of local vulnerabilities and shocks in a post-pandemic, high-debt, low interest rate environment.


Times are Central European Time (UTC+1)

* indicates the presenter

Monday, 26 April 2021

Welcome remarks
Monetary autonomy in a globalised world

Fabio Panetta, Member of the Executive Board, European Central Bank


Session 1 - Spillovers

Chair: Livio Stracca, European Central Bank


What goes around comes around: how large are spillbacks from US monetary policy really?

  • Max Breitenlechner, University of Innsbruck
  • Georgios Georgiadis*, European Central Bank
  • Ben Schumann, Free University of Berlin

Discussant: Silvia Miranda-Agrippino, Bank of England


Supply spillovers during the pandemic: evidence from high-frequency shipping data

  • Diego Cerdeiro, IMF
  • Andras Komaromi*, IMF

Discussant: Nitya Pandalai-Nayar, University of Texas at Austin


Interest rates and foreign spillovers

  • Roberto de Santis*, European Central Bank
  • Srečko Zimic, European Central Bank

Discussant: Chiara Scotti, Federal Reserve Board




Session 2 – Capital flows and macroprudential policy

Angela Maddaloni, European Central Bank


Surges and instability: the maturity shortening channel

  • Xiang Li*, Halle Institute for Economic Research
  • Dan Su, University of Minnesota

Discussant: Mahvash Qureshi, IMF


Spillovers at the extremes: macroprudential tools and vulnerability to the global financial cycle

  • Kristin Forbes, MIT Sloan School of Management
  • Anusha Chari, University of North Carolina
  • Karlye Dilts-Stedman*, Federal Reserve Bank of Kansas City

Discussant: Damiano Sandri, IMF


End of day one

Tuesday, 27 April 2021

Session 3 – COVID-19 effects and monetary policy responses

Chair: Katrin Assenmacher, European Central Bank


An event study of COVID-19 central bank quantitative easing in advanced and emerging economies

  • Alessandro Rebucci*, Johns Hopkins University
  • Jonathan Hartley, Harvard University
  • Daniel Jiménez, EAFIT University

Discussant: Kristina Bluwstein, Bank of England


The calming of short-term market fears and its long-term consequences: the Federal Reserve’s reaction to COVID-19

  • Lerby Ergun*, Bank of Canada
  • Mattia Bevilacqua, London School of Economics
  • Lukas Brandl-Cheng, London School of Economics
  • Jon Danielsson, London School of Economics
  • Andreas Uthemann, Bank of Canada
  • Jean-Pierre Zigrand, London School of Economics

Discussant: Saleem Bahaj, Bank of England


ECB euro liquidity lines

  • Silvia Albrizio*, Banco de España
  • Ivan Kataryniuk, Banco de España
  • Luis Molina, Banco de España

Discussant: Iñaki Aldasoro, BIS




Session 4 – Exchange rates and currency exposures

Chair: Luca Dedola, European Central Bank


The original sin redux: a model-based evaluation

  • Nikhil Patel, BIS
  • Boris Hofmann, BIS
  • Steve Pak Yeung Wu*, University of British Columbia

Discussant: Ozge Akinci, Federal Reserve Bank of New York


The exchange rate insulation puzzle

  • Giancarlo Corsetti*, Cambridge University
  • Keith Kuester, University of Bonn
  • Gernot Müller, University of Tübingen
  • Sebastian Schmidt, European Central Bank

Discussant: Anna Lipinska, Federal Reserve Board


End of the conference

This programme may be subject to change without notice.

General information
Conference language English
  • Presenter - 20 minutes
  • Discussant - 10 minutes
  • General discussion - 10 minutes